Aquila Clean Energy EMEA, Aquila Capital’s European clean energy development platform, has completed a EUR 1 billion construction facility with funding from the Invest EU programme. Over the next three years, the funding will help in the development and construction of the company’s renewable energy pipeline in Spain and Portugal.
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Ashtrom Group Limited, Israel’s leading construction and property companies, and Kenlov Renewable Energy, an independent power producer, have announced the signing of a definitive agreement to acquire four solar projects in the US with a total capacity of 1.1 GWDC from Texas-based developer OnPeak Power.
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India-based Virescent Renewable Energy Trust (VRET) raised Rs 10 billion ($134.4 million) in non-convertible debentures (NCD) its debut issuance , which was split into three tranches of three, five, and seven years. This is the first time a renewable energy InvIT has issued securities in India. As per a company statement, the funds will mostly be used to refinance existing debt and support future acquisitions.
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Ethiopia has announced plans to invest $40 billion in the construction of new renewable energy infrastructure over the next 10 years. Electricity will largely be generated from hydroelectric, wind, solar, and geothermal power facilities and will be exported to other East African countries.
Read Moreenergy infrastructure. The investment will focus on rural communities, agricultural producers and businesses.
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The UK government plans to invest $1.2 billion through public and private investments in India’s renewable energy sector. According to the official statement of the British High Commission, of the $1.2 billion proposed investments, $1 billion will come from CDC, the UK’s development finance institution. The funds will be invested during 2022-2026.
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Canadian developer, OMERS Infrastructure has executed a stock purchase agreement with International Finance Corporation (IFC) and IFC GIF Investment Company to buy a 19.4 percent share in Azure Power Global Limited for a total price of approximately $219 million. The agreement to invest in Azure Power reflects OMERS’ significant worldwide interest in high-quality renewable energy and energy transition assets, as well as their interest in India as an investment destination and Asia-Pacific in general.
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The African Development Bank, the Korean Ministry of Economy and Finance, and the Export-Import Bank of Korea have signed an agreement under which South Korea will co-finance energy projects with the African Development Bank for $600 million. Korea’s funds will be invested in renewable energy generation, transmission, and distribution through the Korea Eximbank.
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There is a huge opportunity to take advantage of lower-cost clean energy technologies, led by solar and wind, to forge a new low-emissions development model for the developing world. There is also no shortage of capital globally to realise such a vision. However, this capital is not finding its way to the countries and sectors where it is most needed. Many institutions are supporting energy transitions in developing countries, with good intentions and often impressive results. But private capital does not yet see the right balance of risk and reward in clean energy projects.
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Vena Energy has secured its first sustainability-linked facility of $500 million from eight lenders. The facility will have a maximum amount stipulated that the company can access whenever needed. The financers include BNP Paribas, Crédit Agricole CIB, DBS Bank Ltd, ING Bank, MUFG, Intesa, SMBC and Mizuho while ING Bank and BNP Paribas were joint green structuring advisors for the deal.
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Opdenergy has closed an underwriting mandate with BBVA for the financing of the development, construction, and commissioning of its portfolio solar projects in Spain, with a total expected installed power of approximately 725 MW for Euro 500 million. Of the total, the energy company indicated that up to Euro 76 million would be allocated to guarantees linked to long-term contracts (PPAs) and up to Euro 20 million to guarantees related to the usual reserve accounts in this type of operation.
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Amazon announced nine new utility-scale wind and solar energy projects in the United States Canada, Spain, Sweden, and the UK. The current announcement now means that the company has 206 renewable energy projects in the world with a cumulative capacity of about 2.5 GW.
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The European Investment Bank (EIB) will provide a funding of a 350 million Euros for developing the Courseulles-sur-Mer, or Calvados, offshore wind project in the English Channel. This offshore wind project has a capacity of 448 MW and will require a total of 2 billion Euros to be built. According to EIB, the financing will be guaranteed by the European Fund for Strategic Investments.
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French renewable energy developer, Neoen has launched a Euro 600 million share rights issue to help finance the company’s Euro 5 billion investment plan. The company aims to build a renewable energy portfolio of 10GW in operation or under construction by 2025. The net proceeds from the issuance of the new shares will go into financing its new assets as part of a first investment cycle which will end by 2022.
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United Kingdom’s largest workplace pension scheme has announced a $1.95 billion green energy push after agreeing to an infrastructure partnership worth an initial $347 with Octopus Renewables, a specialist clean energy provider. The investment by Nest in green energy could reach $2.79 billion by the end of the decade, subject to new inflows from the scheme’s members and growth in demand for renewables.
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India’s leading renewable energy venture ReNew Power and RMG Acquisition Corporation II (RMG II) have entered into a business combination agreement to form ReNew Energy Global PLC. Upon the closing of this deal, the combined entity ReNew Energy Global PLC is expected to be publicly listed on the NASDAQ under the symbol “RNW”. This special purposed acquisition company (SPAC) transaction is valued at about $8 billion is expected to close in the second quarter of 2021.
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Canadian fuel-cell company, Ballard Power Systems has announced that it has closed an upsized $550 million bought deal offering of common shares. The company sold 14.87 million common shares at a 7 per share. It has the potential to raise up to 82.5 million in additional proceeds if the underwriters use their option to buy up to 2.23 million more shares within 30 days to cover over-allotments.
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Spanish companies Matrix Renewables and Rolwind have signed a partnership agreement to develop 1GW of renewable projects. The global renewable energy platform, Matrix Renewables, plans to initially invest in a portfolio of 150 MW which consists of three solar power projects located in Huelva, Spain.
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Loanpal has announced that it has raised has secured over $800 million in funding in its first external investment round. The investment rounds were conducted by NEA, WestCap Group, Brookfield Asset Management, Riverstone Holdings, and other private investors.The company’s point-of-sale payment platform allows businesses to deploy sustainable home solutions along with its digital tools. It also provides flexible payment options to remove the cost barrier for homeowners and create a channel for financial institutions to deploy their capital in environmental, social, and governance assets.
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Israel-based OPC Energy recently announced the closure of its acquisition of Competitive Power Ventures (CPV) from Global Infrastructure Partners (GIP) after receiving the required regulatory approval. With this transaction OPC fully owns CPV’s operating assets, development pipeline and asset management business. OPC has partnered with three Israeli institutional investors to carry out this acquisition.
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